Consumers are missing out on auto insurance savings, survey shows

Consumers aren't optimizing their cost savings on auto insurance, a study indicates.

A survey by the Independent Insurance Agents & Brokers of America found that over 20 percent of drivers reported not knowing about or not using auto insurance discounts.

And an even greater number - 34 percent - say they are not taking advantage of or are unsure about discounts on homeowners' insurance.

Madelyn Flannagan, IIABA vice president of agent development, education and research, noted that "many Americans could be foolishly throwing money away because they fail to ask about insurance discounts for which they may qualify."

Insurance costs are on the minds of many Americans. Earlier this week in Michigan, a private group received permission to circulate petitions that would ask about lowering auto insurance rates in the state. If the group gets enough signatures in the next six months, a ballot initiative for a 20 percent rate cut would take place next fall.

Asking insurers about available discounts - and shopping online for new auto insurance policies - can save big bucks. "Every dollar counts - some consumers may be able to nickel and dime their way to big savings" on auto insurance, said Flannagan.

Learn how easy and convenient shopping for auto insurance can be. Get your free auto insurance quotes today!

Posted: November 13, 2009

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